Aspiration Bank Review 2023: Full Details


The Aspiration Account offers a unique blend of a checking and savings account. | Aspiration Bank | Aspiration Spend & Save bank Account Reviews 2023

Aspiration Bank Review 2023: Aspiration is a financial institution that provides a unique Non-banking solution called the Spend and Save account, combining features of both checking and savings accounts. With Aspiration, customers have the choice between a basic account with a "pay what is fair" monthly fee, which can be as low as $0, making it essentially free. Alternatively, customers can opt for an upgraded version called Aspiration Plus, which entails a monthly fee but offers added perks, such as a higher interest rate on savings. The fee for Aspiration Plus is reduced if paid on an annual basis.

Topic Aspiration Spend and Save Account Review 2023
Company Aspiration
Aspiration Spend and Save Click Here
Category Banking
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Aspiration Financial is not a traditional bank; rather, it operates as a registered broker-dealer and is affiliated with two prominent organizations in the investment industry, namely the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corp. (SIPC). Aspiration collaborates with banks to deliver the services associated with its Spend & Save products.

Aspiration Spend & Save Review 2023
Aspiration Spend & Save Review 2023

Established in 2015, the company has gained substantial traction and boasted over 360,000 funded accounts by the conclusion of 2020. Notably, Aspiration enjoys financial support from renowned actors Robert Downey Jr. and Leonardo DiCaprio, along with several venture capital firms.

Aspiration Spend & Save Account

Aspiration Save and Spend Bank App login

Aspiration Bank Reviews 2023


What is Aspiration Spend & Save Bank Account?

Aspiration is a financial firm (Non-Bank) operating exclusively online and offering a unique approach to financial services. While not classified as a traditional bank, Aspiration places a strong emphasis on assisting customers in making ethical decisions regarding their money. Instead of providing conventional checking or savings accounts, Aspiration offers a cash management account (CMA) called Spend & Save, which enables customers to manage their daily financial activities and transactions.

 Aspiration Spend & Save Accounts Pros and Cons

Pros Cons
  • Aspiration provides a unique hybrid account that combines the benefits of interest on savings and cash back rewards for spending with socially responsible businesses.
  • The basic account comes with no monthly fees or overdraft fees, offering a hassle-free banking experience.
  • Customers have the option to participate in the Planet Protection feature, which offsets carbon emissions associated with purchasing gasoline.
  • A noteworthy aspect of Aspiration is its commitment to giving back, as 10% of the customer fees generated by the company are donated to charitable causes.
  • To access the highest interest rate, there are certain conditions and a fee involved.
  • Cash deposits are not accepted.
  • There are restrictions on the international use of the debit card.
  • The account with the highest APY requires a higher fee and has specific eligibility criteria.
  • The account with the highest cash back also requires a higher fee.
  • It is unclear how much out-of-network ATM fees are charged.

Aspiration Bank Spend & Save Basics Account

Aspiration Spend and Save Basics
Minimum balance (APY) NA
Maintenance fee (Monthly) NA
Minimum deposit to open account $10
FDIC insured Yes
ATM access

Enjoy fee-free ATM access at Allpoint ATMs while using ATMs outside the Allpoint network may incur fees.

Transactions per month No limit
  • Effective from May 9, 2023, a 0.00% APY will be applicable if the spending requirement is not met.
  • For balances up to $10,000, an APY of 1.00% will be offered, provided a monthly spend of $1,000 is maintained.
  • However, balances exceeding $10,000 will not accrue any APY and will remain at a 0.00% rate.


Aspiration Bank Spend & Save Plus Account basics

Aspiration Spend and Save Plus Basics
Minimum balance (APY) None
Minimum deposit to open account $10
Transactions per month No limit
Maintenance fee (Monthly) $7.99 per month or $71.88 per year
ATM access Enjoy free access to Allpoint ATMs without any fees. In the event that you choose to use ATMs outside of our network, you have the opportunity to receive one fee reimbursement per month.
  • For balances up to $10,000, a rate of 3.00% (As of May 9, 2023) is applicable, assuming a monthly spend of $1,000.
  • Balances exceeding $10,000 will be subject to an interest rate of 20.10%.
  • If the spending requirement of $1,000 per month is not met, a lower interest rate of 0.25% APY will be applied.
FDIC insured Yes

How to open Aspiration Save and Spend Account?

You have several options to withdraw funds from your Aspiration account, both online and through its mobile app. Aspiration does not charge any fees for withdrawing funds or closing your account in general. However, it's important to note that certain methods may incur fees.

Here are the ways you can withdraw funds from your account:

  1. Debit Card: You can use your Aspiration debit card to make purchases and withdraw funds.

  2. ACH Transfer: You can complete an ACH transfer to move money out of your account. Aspiration does not charge any fees for ACH transfers.

  3. Wire Transfer: If you choose to wire money out of your account, please be aware that this method incurs fees.

  4. ATM Withdrawal: You can withdraw cash from an ATM using your Aspiration debit card. However, using an out-of-network ATM may result in additional fees.

In addition to the withdrawal methods, here are some other fees associated with Aspiration:

  • Overdraft Fee: Not applicable (N/A). Aspiration does not charge an overdraft fee.
  • Stop Payment Fee: The stop payment fee is $1.19.
  • ACH Transfers: There are no fees for ACH transfers.
  • Incoming Wire Transfers: For domestic incoming wire transfers, the fee is $2.06. For international incoming wire transfers, the fee is also $2.06.
  • Outgoing Wire Transfers: If you wish to send a domestic wire transfer, the fee is $4.50. For international outgoing wire transfers, the fee ranges from $4.50 to $19.50.

Please note that fees may be subject to change, so it's always a good idea to check with Aspiration for the most up-to-date information.

Aspiration Customer Service

Aspiration provides a comprehensive FAQ section on its website, catering to existing and prospective customers. This valuable resource ensures that you can easily find answers to a wide range of questions regarding their offerings. Furthermore, the institution's mobile app has garnered positive reviews from users of both Android and iPhone devices.

If you require assistance from Aspiration's customer service, there are multiple avenues available to you. You can reach out to their support team by phone at 800-683-8529 during the following hours: Monday through Friday, from 6 a.m. to 6 p.m. PT, and on Saturdays and Sundays, from 8 a.m. to 3 p.m. PT. Alternatively, you can submit a contact form on Aspiration's website to have your inquiries addressed.

Aspiration Offers

Unlike traditional checking or savings accounts, Aspiration does not provide them. Instead, Aspiration offers a unique account called a Cash Management Account (CMA), which enables customers to handle their cash, conduct payments, and accrue interest. By utilizing the Aspiration CMA, customers can conveniently fulfill both their checking and savings account requirements through a single account.

Aspiration Spend & Save

Introducing Aspiration Spend & Save, the fundamental Cash Management Account (CMA) designed for customers. With this account, you can effortlessly spend and save from a single location while enjoying numerous benefits akin to a checking account. Say goodbye to minimum balance requirements as there are none, and you have the freedom to select your desired monthly fee, even as low as $0. Plus, the initial deposit is just $10.

By opting for this account, customers receive a debit card that grants them cash back on purchases made at a wide range of retailers. Moreover, any unspent funds in the account accrue interest, enabling you to earn money from both the spending and saving aspects of the CMA.

Aspiration Spend and Save Plus

Aspiration's CMAs offer significant advantages, but the greatest benefits are reserved for Aspiration Plus customers. Unlike the standard Spend & Save account, Aspiration Plus entails a monthly fee of $5.99 if billed annually or $7.99 if billed monthly.

By upgrading to Aspiration Plus, you enjoy a remarkable 10% cash back rewards on all purchases made with Conscience Coalition members. However, the earnings from shopping with companies boasting high AIM scores remain unaffected.

Moreover, Aspiration Plus account holders receive a monthly reimbursement for one out-of-network ATM fee.

Aspiration's Other Financial Products

Apart from Aspiration's Spend & Save financial product, they provide a mutual fund and enterprise services for businesses. Aspiration offers the Redwood Fund, a mutual fund that concentrates on sustainable investing and requires a minimum account balance of $10.

The Redwood Fund is completely divested from fossil fuels and comprises companies from diverse sectors such as information technology, financial services, and health care. This exclusive investment opportunity is accessible solely to Aspiration customers. Alternatively, you have the choice to invest in the Redwood Fund through a Redwood IRA, which incurs an annual fee of $15 for IRA accounts.

Aspiration not only provides two CMAs but also offers a range of other products and services, which include:

  1. Managed Investment Portfolios
  2. Individual Retirement Accounts (IRAs)

Aspiration Save and Spend 2023: Conclusion

If you are concerned about the societal and environmental consequences of your financial decisions, an Aspiration Spend & Save account could be a valuable option for banking customers. By choosing Aspiration, you can have peace of mind knowing that your deposits are not supporting fossil fuel industries. Furthermore, you have the opportunity to earn cash back rewards for making ethical purchases.

The account also offers the flexibility to select your own monthly fee and access your savings more frequently than the standard limit of six times per month. However, it's important to note that Aspiration may not be suitable for everyone.

The highest level benefits are only available with a higher-fee account, which might make them inaccessible to certain customers. Additionally, Aspiration differs from traditional banks as it doesn't provide conventional savings and checking accounts, credit cards, or other typical banking services. Consequently, it may cater more to a specific audience seeking specialized offerings rather than fulfilling the broader needs of a general customer seeking multiple services from a single institution.

If you have a strong belief in Aspiration's mission to contribute to the preservation of our planet and combat climate change through their financial services, or if you're attracted to the company's unique features, you might want to think about opening an account with them. Before making a final decision and committing to a new financial account, it's important to assess and compare your options to ensure that it aligns perfectly with your needs.

Aspiration Spend & Save Account: FAQs

How does Aspiration differ from a traditional bank?

Aspiration distinguishes itself from traditional banks by not being a bank in the conventional sense. Instead, it operates as a registered broker-dealer. Since Aspiration is not a bank, it cannot directly provide FDIC insurance. Therefore, it must deposit customers' funds into FDIC-insured institutions to secure FDIC insurance for its customers' accounts.

When did Aspiration start its operations?

Aspiration commenced its business in 2015. By the end of 2020, it had amassed over 360,000 consumer-funded accounts.

Is Aspiration a legitimate company?

Yes, Aspiration is a legitimate broker-dealer that provides a cash management account. It offers relatively high annual percentage yields (APYs) when customers make qualifying purchases each month. However, it's important to note that Aspiration is not a bank.

Which bank does Aspiration use?

Aspiration issues its debit cards through Coastal Community Bank. To ensure up to $2,000,000 in Federal Deposit Insurance Corporation (FDIC) insurance coverage, Aspiration partners with up to eight different banks to deposit customers' funds. However, the specific banks used by Aspiration are not explicitly disclosed on its website.

This article is published for the benefit of the general public and is intended for informational purposes only. It is recommended that readers do not consider the contents of the article as definitive and should conduct further research or seek the advice of an expert on the subject matter.



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Tenet247: Investing, Loans, Insurance, Cryptocurrency: Aspiration Bank Review 2023: Full Details
Aspiration Bank Review 2023: Full Details
The Aspiration Account offers a unique blend of a checking and savings account. | Aspiration Bank | Aspiration Spend & Save bank Account Reviews 2023
Tenet247: Investing, Loans, Insurance, Cryptocurrency
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